Noble Corporation plc NE has been awarded an offshore drilling campaign in Southeast Asia by Shell plc’s SHEL subsidiary Brunei Shell Petroleum. The drilling campaign, which is estimated to last 30 days, will be conducted on the northern coast of the Borneo island.
The contract has an estimated value of $14 million, inclusive of mobilization and de-mobilization fees. Noble Viking’s contract involves drilling one firm well. It also includes a one-well option. The drilling assignment is scheduled to begin in the fourth quarter of 2025, in continuation of its previous contract.
Built in 2014, the Noble Viking drillship boasts a Samsung 96K design and can operate in water depths of up to 12,000 feet. The rig’s maximum drilling depth is approximately 12,000 feet. Noble Viking had secured a three-well drilling campaign with Prime Energy last year. The contract includes an option to drill one additional well. The drilling campaign will be conducted offshore Phillippines at the Malampaya-Camago field.
The drillship is currently under contract in Malaysia, working with Shell’s subsidiaries — Sarawak Shell Berhad and Sabah Shell Petroleum Co (SSB/SSPC). Upon completion of this contract, the drillship will directly begin its assignment with Prime Energy, slated for the second quarter of 2025.
Zacks Rank and Key Picks
Currently, NE has a Zacks Rank #5 (Strong Sell), while SHEL carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energysector are Archrock Inc. AROC and Matador Resources Corporation MTDR. Archrock currently sports a Zacks Rank #1 (Strong Buy), while Matador Resources carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Matador Resources is a leading U.S.-based exploration and production firm. The company has consistently exceeded production expectations, demonstrating operational efficiency and robust growth. MTDR’s production efficiency, combined with the favorable oil price environment, is expected to positively impact its bottom line.
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Free: See Our Top Stock And 4 Runners UpNoble Corporation PLC (NE) : Free Stock Analysis Report
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Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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